中国证券报·中证网新华网联合报道小组

China's stock certificate report showed · nets xinhuanet combination group reported

　　“财政政策可以再宽松一点，货币政策已经比较稳健了。”高盛投资管理部中国区副主席哈继铭接受专访时表示，要发展多种融资渠道，加大债券发行力度；地方投资应该更注重质量，而不能只追求数量。

"Fiscal policy can be relaxed a little,Monetary policy has compared the steady."Goldman sachs investment management department, vice chairman of China to accept interviews with ha jiming said,To develop various financing channels,Increase the bond issue dynamics;The local investment should pay more attention to quality,And not only the pursuit of quantity.

财政力度应加大 Financial strength should be increased

　　货币政策需谨慎 Monetary policy should be interpreted with caution

　　今年以来，国家陆续出台一些政策，包括三次降准、两次降息，特别是基础设施投资的步伐再度加快。哈继铭表示，中国经济发展对银行过度依赖的情况一直未能有效改善，因此，当前的“稳增长”从融资角度需要的就是提供财政刺激，加大财政支出。

Since this year,Countries some policy comes on stage in succession,Including three times must fall/Two cuts,Especially in infrastructure investment to speed up the pace of the again.Says ha jiming,China's economic development to bank excessive reliance on have been unable to effectively improve,therefore,The current"Steady growth"From the perspective of financing needs is to provide fiscal stimulus,Increase the fiscal expenditure.

　　在财政政策力度进一步增强的同时，哈继铭建言，“货币政策力度需谨慎。”从国内方面看，统计局数据显示，7月CPI见底后，8月同比上涨2.0％，涨幅重新回到“2时代”。未来几个月，CPI仍有上涨压力。从国际方面看，美国推出QE3后，可能会带来包括农产品、国际油价等在内的大宗商品价格应声而涨。中国是大宗商品进口大国，输入型通胀压力会使得国内通胀隐忧更强。哈继铭坦言，“中国货币政策既被内部因素影响又被外部因素干扰，经济难，政策更难。”

In the financial policy efforts to further increase at the same time,"Ha jiming,"Monetary policy efforts to be careful."See from domestic aspects,Bureau of statistics data show,July CPI see bottom,August rose 2.0% year-on-year,Or return to"2 times".The next few months,CPI there are still rising pressure.See from the international aspects,The United States launched after QE3,May cause including agricultural products/International oil prices, commodity prices raised up.China is commodity import country,Imported inflation pressure will make domestic inflation worries more strong.Ha jiming said,"China's monetary policy had been internal factors and external factors interference,Economic difficult,Policies more difficult to."

地方投资需注重质量 The local investment need to pay attention to quality

　　经济稳增长，很重要的一点就是工业稳增长。在当前经济增速下滑的背景下，工业项目，尤其是重大工业项目正成为新一轮“稳增长”的重要内容。据不完全统计，仅7、8两个月公布的地方投资计划已超过十万亿元，重庆、天津等地投资计划就高达上万亿元。发改委9月5日、6日也集中公布了高达上万亿的项目批复文件。

Economic stable growth,The important thing is that the industrial steady growth.In the current economic growth under the background of decline,Industrial project,Especially important industrial project is becoming a new round"Steady growth"The important content of the.According to incomplete statistics,Just seven/8 released two months local investment plan has more than ten trillion yuan,chongqing/Places such as tianjin investment plan is as high as trillions of dollars.Development and reform commission on September 5,/6 also focused on released as high as trillions of project approval documents.

　　哈继铭对记者说，从表面看，地方推出了宏伟的投资蓝图，但受制于融资手段的匮乏，最终实现仍然有一定困难。投资应该更注重质量，而不能只追求数量。

Ha jiming said to reporters,From the surface to see,Local launched a grand investment blueprint,But subject to the lack of finance means,Finally realize still have certain difficulty.Investment should pay more attention to quality,And not only the pursuit of quantity.

　　哈继铭表示，“过去地方融资渠道主要来自两方面，一个是银行贷款，另一个是土地收入，但现在这两个渠道都难以实现大幅增长，地方政府获得资金的能力尚不强。”

Says ha jiming,"The past local financing channel mainly comes from two aspects,Is a bank loan,The other is a land income,But now the two channels are difficult to achieve substantial growth,The local government the ability to obtain funds is not strong."

　　此外，地方政府的投资项目还要考虑需求承接。如果加剧现有产能的过剩，就不能盲目扩张。反之，若能帮助消化已扩大的产能，就是健康的，是值得支持的。比如在保障房、提高城市化质量等方面还是很有必要的，这些投资会带来很大经济效应，拉动消费增长，加快城市化建设步伐。

In addition,The local government investment projects consider needs to undertake.If aggravate existing capacity surplus,Cannot blind expansion.and,If can help digestion has expanded capacity,Is healthy,Is worth support.For example, in security room/To improve the quality of urbanization aspects or very be necessary,These investments will bring great economic effect,Consumption growth,Speed up the construction pace of urbanization.

楼市调控需双管齐下 The property market regulation need to work along both lines

　　8月70个大中城市新建商品住宅环比价格上涨的城市过半，达到36个，持平城市则为14个，下降城市20个，与上月相比，价格上涨城市数量明显减少。业内人士认为，楼市整体趋稳的态势明显。

August 70 large and medium-sized cities new commodity housing link prices more than half of the city,Reach 36,As for the city 14,Down the city 20,Compared with last month,The number of cities in the prices significantly reduced.The personage inside course of study thinks,The property market overall stabilised trend obvious.

　　哈继铭认为，房地产市场调控，仅靠简单打压需求很难达到目的，应该对需求进行疏导，给百姓创造投资空间，健全社会保障体系，解除他们的后顾之忧。

Ha jiming think,The real estate market regulation,Only by simple demand that it is difficult to reach the goal,Should the requirements for counseling,To the people create investment space,Improving the social security system,Remove their worries.

　　“政策方面应该双管齐下，让政府解决低收入者需求，市场解决中高收入者需求。加大保障性住房建设，加强基础设施建设，用不动产税来抑制投机性需求。”

"Policy should work along both lines,Let the government needs to solve low income earners,To solve the high earners market demand.Increase the indemnificatory housing construction,To strengthen infrastructure construction,With real estate tax to curb speculative demand."

　　哈继铭表示，一方面可以使住房投资需求合理增长，消化包括钢铁、水泥、铝在内的现有产能；另一方面增大供给，有效抑制房价过快上涨，同时在需求层面，用流转环节和保有环节的税收，来抑制炒作性的需求。既保持了房地产市场对经济的应有贡献，又防止了房价过快上涨。

Says ha jiming,On the one hand can make housing investment demand reasonable growth,Digestion including iron and steel/cement/Aluminum, the existing capacity;On the other hand increased supply,Effectively restrain house prices rising too fast,At the same time on the demand level,Use circulation link and maintain link tax,To curb speculation sexual needs.Maintain the real estate market for economic should have the contribution,And prevent overheating in housing prices.

大力发展债券市场 Vigorously develop the bond market

　　鼓励“增量发展” encourage"Incremental development"

　　国务院日前批准的《金融业发展和改革“十二五”规划》提出，到“十二五”期末，非金融企业直接融资占社会融资规模比重提高至15%以上，这意味着债券、股票、信托、票据等直接融资方式将迎来发展的春天。

The state council has approved[The financial industry development and reform"1025"planning]Put forward,to"1025"The final,Non-financial enterprises of our country direct financing accounted for the proportion of social financing scale increased to more than 15%,This means that the bond/stock/trust/Bill and direct financing methods will welcome the development of spring.

　　哈继铭认为，中国要发展多种融资渠道，加大债券发行力度。未来，中国的融资状况一定会发生改变，更多企业将通过债券融资，银行贷款比重会逐渐下降。发展多样化的融资渠道，不仅是支持经济的需要，也是金融稳定、化解金融风险的需要。

Ha jiming think,For China to develop various financing channels,Increase the bond issue dynamics.The future,China's financing situation will change,More enterprises will through the bond financing,The proportion of bank loans will gradually decline.The development of diversified financing channels,Is not only support economic needs,Is financial stability/Defuse financial risks needs.

　　民间投资一直是发展实体经济的主力军。进入2012年以来，多部委纷纷出台了落实“新36条”的配套细则。哈继铭称，“民资36条”已经不是第一次提出，但依然很难落到实处，这不是一个技术问题，而是有没有决心进行改革的问题。他建议不仅是金融行业，还包括很多行业的民营企业“增量发展”，鼓励他们大量进入垄断行业和国有企业竞争。否则民营企业的生存空间会越来越小，经济也会逐渐丧失活力。

Private investment has been the main force of the development of the real economy.Since 2012,Many ministries and commissions have issued a implement"Article 36 new"Supporting rules.Ha jiming said,"What article 36"Is not the first time put forward,But still it is difficult to into effect,This is not a technical problem,But have determined to the reform of the problem.He suggested that is not only the financial industry,Also includes a lot of industry of private enterprises"Incremental development",Encourage them to a large number of into the monopolized industry and state-owned enterprise competition.Otherwise the private enterprise survival space will be more and more small,The economy will gradually lose vitality.